The Big Short

Inside the Doomsday Machine

By Michael Lewis
(W. W. Norton & Company, Hardcover, 9780393072235, 266pp.)

Publication Date: March 2010

Other Editions of This Title: Paperback, Hardcover, , Compact Disc, Paperback, Paperback

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Description
When the crash of the U. S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn t shine, and the SEC doesn t dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can t pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren t talking. The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 best-selling Liar s Poker. Who got it right? he asks. Who saw the real estate market for the black hole it would become, and eventually made billions of dollars from that perception? And what qualities of character made those few persist when their peers and colleagues dismissed them as Chicken Littles? Out of this handful of unlikely really unlikely heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our times."



NPR
Tuesday, Mar 16, 2010

Michael Lewis' new book The Big Short chronicles the 2008 financial collapse through the investors who realized what was happening to the U.S. economy while it was happening — and then made a fortune by betting against the markets. More at NPR.org

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NPR
Monday, Mar 15, 2010

Michael Lewis, who wrote the best-seller Liar's Poker, is back with a new book examining those who profited from shorting subprime mortgages. In The Big Short, Lewis profiles extreme characters — outsiders — who are the sane people in an insane world. More at NPR.org

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